Mayor Tim Keller, City of Albuquerque | City of Albuquerque
ALBUQUERQUE – City Councilors voted unanimously to allow Bernalillo County’s Improvement Special Assessment program to operate within the City of Albuquerque. The Improvement Special Assessment Act is a state program designed to incentivize commercial property owners to make necessary updates and improvements to their properties and buildings.
The City Council resolution (R-24-57) permits owners of eligible commercial properties to secure long-term financing from private capital providers for energy efficiency, renewable energy, water conservation, and resiliency improvements. Upon successful application to the State Economic Development Department and Bernalillo County, special assessment financing is secured by a senior lien on the qualifying property. This lien is repaid through a levy of a voluntary assessment via property tax bills, with loan responsibility transferring automatically to the next owner if the property is sold.
“The special assessment program fills the void that often leaves sustainability projects short of the total funds needed to make these important property improvements,” said District 7 City Councilor Tammy Fiebelkorn, co-sponsor of the bill. “The program helps commercial property owners cover 100% of the cost of a sustainability project. These clean energy building improvements will create jobs and increase local building values without using public funds or public credit.”
Eligible properties include privately-owned commercial, agricultural, industrial, or multifamily real estate with five or more dwellings located within the city, as well as not-for-profit organizations.
District 5 Councilor and Council President Dan Lewis, co-sponsor of the resolution, believes the program will significantly benefit Albuquerque. He noted that by allowing owners of eligible commercial properties to obtain long-term financing from private capital providers for qualifying projects, the Improvement Special Assessment program encourages more efficient and resilient building projects to be funded and completed faster.
Eligible improvements are defined as permanent enhancements affixed to real property that meet one of the following criteria:
• Energy Efficiency Improvements
• Renewable Energy Improvements
• Water Conservation Improvements
• Resiliency Improvements
The resolution will take effect upon passage or on the inception date of the Bernalillo County Program, whichever is later.
